Sensex rallied 496 points or +1.65% at 30,525.28 in the opening session on Tuesday while the broader Nifty 50 rallied 117.40 points or 1.33% at 8,940.65 as global markets recovered amid hopes of potential coronavirus vaccine.

US stocks surged as investors eyed some encouraging news about a potential coronavirus vaccine.

On Monday, the Dow Jones Industrial Average spiked 911.95 points, or 3.85 per cent, to 24,597.37. The S&P 500 rose 90.21 points, or 3.15 per cent, to 2,953.91. The Nasdaq Composite Index increased 220.27 points, or 2.44 per cent, to 9,234.83, Xinhua news agency reported.

Wall Street also paid close attention to the latest comments from Federal Reserve Chairman Jerome Powell.

The US economy will recover from the COVID-19 pandemic, but the process could stretch through until the end of 2021, Powell said.

"Assuming there's not a second wave of the coronavirus, I think you'll see the economy recover steadily through the second half of this year," Powell said in an excerpt of an interview that aired Sunday morning on CBS's "Face the Nation."